PMI’s remote assessment, including a variety of financial analyses combined with interactive Zoom sessions, empowers you to make informed decisions and drive your practice toward greater success. This is an excellent value for practices that need PMI to focus on the financial aspects of the practice but utilize the lower cost of remote consultation.

Stage 1 (Data Collection): 

• Practice provides remote access to the practice’s billing system for PMI consultants to extract the needed billing data.
• Practice provides additional information as outlined here.

Stage 2 (Analysis): 

PMI consultants will review the data provided and prepare to review with the practice during Stage 3 (Practice Review)

Stage 3 (Practice Review):  

Over the course of four Zoom sessions, PMI consultants will meet with the practice to share findings and make recommendations for improvement.

• Zoom Session #1: Data Review & Financial Analysis 
  We'll dive deep into your exported billing data, providing a thorough cost and overhead review. This session will illuminate key financial trends and identify areas for improvement. This includes:
  • Payment Analysis
    Review payments received to identify specific CPT codes, by insurance company, that are not paid appropriately.
  • Financial Analysis
    Review of key financial ratios over the past 24 months to identify any trends adversely affecting the practice.
  • Practice Cost Analysis
    Review practice expenses for the past two years and examine industry norms
    
• Zoom Session #2: Provider Compensation & Margin Optimization Review
  During this meeting, we'll evaluate the current provider compensation structure, analyze provider margins, and offer tailored recommendations to enhance provider incentives and financial performance.
• Zoom Session #3: Strategic PayerIntel & Operational Review 
• This meeting will cover a detailed review of PayerIntel data, develop contracting strategies, analyze practice demographics, and discuss the results of employee/provider surveys.
  • PayerIntel 
    Identify opportunities to improve your contracts and effectively negotiate with MCOs for fair payment rates.
  • Fee Schedule Analysis
    Examine the current practice fee schedule to ensure consistency following generally accepted RBRVS methodology
  • Physician Satisfaction Survey
    Survey for practice physicians covering compensation, bonus incentives, strategic direction of the practice and work environment
  • Employee Satisfaction Survey
    Survey for clinical and clerical staff soliciting feedback about overall job satisfaction, employer-sponsored benefits and their assessment of management effectiveness
• Zoom Session #4: Owner/Partner Financial Planning & Succession
  At this final meeting, we'll address critical financial planning aspects, including owner/partner compensation review, practice valuation, and succession planning to ensure long-term stability and growth to include:
  • Practice Valuation
    Complete practice valuation with market analysis (Normally priced at $2,750)

Written Report Detailing Findings & Recommendations
After each Zoom session, the practice is provided a detailed report outlining specific observations that need attention, its importance and recommendations for improvement.

Fixed Cost Price: $3,150

• Initial Phone Consultation
  Phone call or video conference with Managing Partner to discuss their concerns and determine objectives of an engagement 
• Practice Cost Analysis
  Review practice expenses for past two years
• Payment Analysis
  Review payments received to identify specific CPT codes, by insurance company, that are not paying appropriately
• Financial Analysis
  Review of key financial ratios over the past 24 months to identify any trends adversely affecting the practice.
• Physician Satisfaction Survey
  Survey for practice physicians covering compensation, bonus incentives, strategic direction of the practice and work environment
• Employee Satisfaction Survey
  Survey for clinical and clerical staff soliciting feedback about overall job satisfaction, employer-sponsored benefits and their assessment of management effectiveness
• Office Manager Satisfaction Survey
  Survey for the practice management team to solicit feedback on overall job satisfaction, employer-sponsored benefits and their assessment of opportunities to improve the practice
• One Day Onsite
  PMI consultant spends one day at the practice completing the tasks outlined below
• Review of Scheduling Process
  Systematic review of the scheduling process to ensure that all appropriate steps are taken to properly schedule patients
• Review of Check In Process
  Systematic review of the check in process to ensure that patients are properly checked in and all appropriate payments are collected at the time of service
• Review of Check Out Process
  Systematic review of the check out process to ensure that the patients are given the opportunity to schedule follow up appointments and collect any deductible amounts owed
• Billing Office Process Review
  Systematic review of the billing office operations to ensure that claims are properly filed, adjudicated and followed up.
• Employee Seminar on Patient Satisfaction
  60 minutes presentation to the staff by the PMI consultant to share with them the importance of providing excellent customer service and the impact it has on the practice
• Shareholder Strategic Planning Meeting
  Two-hour meeting with shareholders to discuss the findings based on the initial financial analysis and facilitation of developing a strategic plan for the practice
• Written Report Detailing Findings & Recommendations
  Easy to follow report detailing specific observations that need attention, its importance and recommendations for improvement
• Post Assessment Phone/Video Conference
  Phone/video conference with managing partner to discuss written report provided to the practice

Fixed Cost Price: $5,950 plus related travel expenses.